The Punjab budget is expected to be announced on June, with the caretaker Punjab administration presenting a four-month budget. Salary increases of 35% for employees in Grades 1 to 16 and 30% for those in Grade 17 have been proposed.
Punjab Budget 2023-24 Pakistan
It has been recommended that the ban on new cars and recruiting in government ministries be maintained, that money for law and order, health, and education be preserved, that 350 billion rupees be set aside for salaries and pensions, and that 550 billion rupees be set aside for continuing costs.
The first budget estimate is 1200 billion rupees, the mid-term revenue plan has been established, and provincial ministries have provided a three-year tax plan from 2023 to 2026.
It has been suggested to boost income from sales tax to 683 billion rupees over three years, from 22 to 74 billion rupees for property tax, and from 19 to 74 billion rupees for motor vehicles and stamp duty. It has been suggested that a tax of 68 to 124 billion rupees be collected.
The tax collection is expected to increase the province’s growth rate by 24%, and the Resource Mobilization Committee has recommended collecting an additional tax on farmers in Punjab in the form of agricultural income tax and a tax of 13 billion rupees in the form of agricultural income tax.
In the next fiscal year, an extra tax of 11 billion rupees is proposed: 300 for 5 acres, 700 for 12 acres, 1200 for 12 to 25 acres across Punjab, including Lahore, 1500 for 25 to 50 acres, and 50 acres for 50 acres. There are proposals to charge a tax of Rs 2,000 per acre on farmers farming extra land and Rs 5,000 on orchards as agricultural income tax. The federal government has slashed 243 billion rupees from the budget given to provinces; as a result, Punjab would receive 124 billion rupees less, a loss of over 50%.
Punjab Budget Increase in Govt Employees’ Pay & Pension
In Pakistan budget 2023 for the fiscal year 22-2023, it was agreed not to raise the salaries and pensions of government employees. Salaries and pensions will be maintained at the same levels as last year in the budget for the next fiscal year.
Furthermore, the federal cabinet has resolved not to impose any additional taxes. Defensive salary increase Pakistan’s fiscal year 2023 begins in June. The Punjab financial budget speech will be delivered before parliament on June 15, 2023.
Punjab Budget Govt Employees Salary Increase New
Budget for 2023-24 in Punjab Pakistan, Punjab budget news 2023 of Pakistan. Government employees’ pay was raised grade by grade last year. pay increases for grades 1 to 16 were 35%, and pay increases for grades 17 and upwards were 30%.
